Post Bitcoin mining. | Bitcointalksearch.org

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

Quote from: Vod on October 18, 2014, 02:20:55 AM

Quote from: Elwar on October 17, 2014, 09:09:55 AM

What about when it is down to 12.5 bitcoin per 10 minutes? Will people still mine? 6.25? 3.125? 1.5625?

Transactions were supposed to become more expensive, compensating for reduced mining rewards.

Transaction costs of .0001 bitcoins when there were 50 bitcoins per 10 minutes were worth $.0012 each.

A transaction cost of .0001 bitcoins when there are 25 bitcoins per 10 minutes are worth $.0386 each.

More expensive?

mnmShadyBTC

full member

Activity: 151

Merit: 100

Quote from: Vod on October 18, 2014, 02:20:55 AM

Quote from: Elwar on October 17, 2014, 09:09:55 AM

What about when it is down to 12.5 bitcoin per 10 minutes? Will people still mine? 6.25? 3.125? 1.5625?

Transactions were supposed to become more expensive, compensating for reduced mining rewards.

Possible hard fork is increasing block size by 50% a year, so that will drive transaction fees down. Sad

The transaction cost should actually decrease over time, however the raw number of transactions should increase so the overall amount of TX fees on a per block basis should increase

Vod

legendary

Activity: 3668

Merit: 3010

Licking my boob since 1970

Quote from: Elwar on October 17, 2014, 09:09:55 AM

What about when it is down to 12.5 bitcoin per 10 minutes? Will people still mine? 6.25? 3.125? 1.5625?

Transactions were supposed to become more expensive, compensating for reduced mining rewards.

Possible hard fork is increasing block size by 50% a year, so that will drive transaction fees down. Sad

ScryptAsic

hero member

Activity: 647

Merit: 501

GainerCoin.com 🔥 Masternode coin 🔥

Quote from: pattu1 on October 17, 2014, 10:37:40 PM

Quote from: The Bad Guy on October 17, 2014, 05:47:13 AM

Dafuq , didn't even knew that there is only 21m bitcoin to be mined
If this happens one day , I don't think that the price will rise at all ... BTC will just day I would say Cry

On the contrary, the price increases when the supply is cut off.

Yup, the price will skyrocket cause there is no more selling pressure..

pattu1

hero member

Activity: 675

Merit: 500

Quote from: The Bad Guy on October 17, 2014, 05:47:13 AM

Dafuq , didn't even knew that there is only 21m bitcoin to be mined
If this happens one day , I don't think that the price will rise at all ... BTC will just day I would say Cry

On the contrary, the price increases when the supply is cut off.

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

Welcome to Bitcoin!

Initially 50 coins were mined every 10 minutes. Now only 25 are mined per 10 minutes.

Did mining dry up? Did difficulty drop because nobody was willing to mine for such a small amount?

No, difficulty has increased, the price has gone up a lot.

Even now miners are paid more than 25 coins per 10 minutes.

What about when it is down to 12.5 bitcoin per 10 minutes? Will people still mine? 6.25? 3.125? 1.5625?

Q7

sr. member

Activity: 448

Merit: 250

Seriously this question has been asked a thousand times. Each individual might have a different theory on what we might see or expecting but the time period is too long to predict. I doubt any of us here joining today's discussion will ever live to find out. From the year it was established, we have seen so many changes. I'm not sure if anybody saw it could went up from few cents to 1k and that was probably like 5 years. So can't say much on what to expect in 2140 which is like 126 years from now

CryptoCarmen

member

Activity: 84

Merit: 10

★Bitin.io★ - Instant Exchange

Quote from: cryptolaxy on October 16, 2014, 06:15:13 PM

Quote from: CryptoCarmen on October 16, 2014, 04:36:52 PM

Quote from: cryptolaxy on October 16, 2014, 04:02:29 PM

Hi All, I have been thinking, what happens after the whole 21million bitcoins have been mined? How will it affect demand, supply and price?

Demand will get shocked,
supply will be prepared as always,
price will act like is none of her business.

Kinda thought the price will skyrocket!

If you ask me, there will be no Bitcoin in 2140. For sure will not be most of us to see that.

The Bad Guy

sr. member

Activity: 280

Merit: 250

Dafuq , didn't even knew that there is only 21m bitcoin to be mined
If this happens one day , I don't think that the price will rise at all ... BTC will just day I would say Cry

bitok.com

member

Activity: 79

Merit: 10

Best deposit/withdrawal fees on the market

Like each currency in the world it will be replaced once or just withdrawn from circulation.

The Hacker known as 4chan

newbie

Activity: 7

Merit: 0

Quote from: cryptolaxy on October 16, 2014, 04:02:29 PM

Hi All, I have been thinking, what happens after the whole 21million bitcoins have been mined? How will it affect demand, supply and price?

https://bitcointalksearch.org/topic/ann-pmc-premine-coin-rare-mining-transaction-fee-proof-of-concept-427519 - Check out this experiment which is related, known as Premine coin. All of the coins are already in circulation, the coins were given out to anyone over 30 day period. You can see how the network behaves when a coin is nearing the end of its life in regards to the getBlockReward value. It won't be exactly like Bitcoin since it is not as valuable but you can study several of the qualities it has.

Klubknuckle

sr. member

Activity: 285

Merit: 250

Quote from: cryptolaxy on October 16, 2014, 04:02:29 PM

Hi All, I have been thinking, what happens after the whole 21million bitcoins have been mined? How will it affect demand, supply and price?

You still get transaction fee from mining, its not much but if the price per BTC is really high then it will still work...

H.W.Z

hero member

Activity: 574

Merit: 500

Quote from: Business on October 16, 2014, 07:10:33 PM

at last we cant know, we can especulate, but only god know.

exactly! Probably a better cryptocurrency takes the place of the BTC.

fa

full member

Activity: 140

Merit: 100

Generation of btc is slowly decreased. So tx fee alone would already be gratefully enough for the miners.

Business

newbie

Activity: 37

Merit: 0

at last we cant know, we can especulate, but only god know.

Soros Shorts

donator

Activity: 1617

Merit: 1012

If you want to concern yourself with this kind of thing you'd be better of looking into the next halving of the block reward, which will happen in the immediate future.

rapta

sr. member

Activity: 325

Merit: 250

It's a long time from now, and who knows the code could be changed a million times in that time.

bitllionaire

legendary

Activity: 1120

Merit: 1000

Quote from: mercistheman on October 16, 2014, 06:29:20 PM

Has anyone projected when the last coin will be snagged?

2140

mining will be supported by fees of transactions and actually nobody knows how this will affect to bitcoin or its price
when don't even know how a halving affects to bitcoin

mercistheman

sr. member

Activity: 378

Merit: 250

Has anyone projected when the last coin will be snagged?

cryptolaxy

member

Activity: 103

Merit: 10

Quote from: CryptoCarmen on October 16, 2014, 04:36:52 PM

Quote from: cryptolaxy on October 16, 2014, 04:02:29 PM

Hi All, I have been thinking, what happens after the whole 21million bitcoins have been mined? How will it affect demand, supply and price?

Demand will get shocked,
supply will be prepared as always,
price will act like is none of her business.

Kinda thought the price will skyrocket!

Topic: Post Bitcoin mining. (Read 1830 times)